借壳上市之盈利与风险研究

1工商管理硕士（MBA）学位论文***大学UNIVERSITYOF***题目：借壳上市之盈利及风险研究姓名：***学号：＊******班级：***班专业：＊******导师：***2摘要伴随国际资本市场愈益明显的融资证券化趋势和中国经济持续高速的增长态势，境外借壳上市已成为中国民营企业走向国际资本市场重要的融资渠道。境外借壳上市融资以低费用、低风险、便捷和有效避开首次公开发行上市（IPO）的壁垒等诸多优势，成为有条件的中国民营企业充分利用海外壳资源实现上市融资的一种有效途径和方式。借壳上市是企业兼并收购的一种方式,同时也是一种上市捷径。它是伴随着证券市场产生、发展而产生、发展起来的一种高级形态的资本运营现象。在我国企业兼并收购市场上,非上市公司通过借壳实现了自身资产、业务的间接上市,拓宽了筹、融资方式和途径上市壳公司通过被借壳实现了业绩的提升、避免了上市壳公司被停牌、摘牌的风险。但是,借壳上市一方面为上市公司和非上市公司带来双赢利益的同时,另一方面也引发了一系列问题。关键词：借壳上市；资产置换；风险控制3AbstractThesecuritizationoffund-raisinghasbecomethetrendintoday’sinternationalcapitalmarket.WhentheChineseeconomyisexperiencingrapidandconstantgrowth,moreandmoreChineseprivatecompaniesareseekingforcapitalintheinternationalmarkets.Nowgoingpublicoverseasisoneoftheimportantdirectfund-raisingchannels.Overseasreversemerger,asonepopularway,hasmanyadvantagessuchaslowcosts,lowrisks,simpleprocessetc.ItcanalsoeffectivelycircumventthebarrierssetbyIPO.Manyprivatecompanieswithstrongfundamentalsandperformancehavetakenfulladvantageoftheoverseasresourcesofshellcompanies,andregardeditasaneffectivemethodofindirectgoingpublicandfund-raising.Backdoor-listingisnotonlyawayofmergerandtakeoverofanenterprise,butalseashortcutofcompanylisting.Backdoor-listing,asaphenomenonofseniorcapitalrunning,originatesanddevelopsalongwiththeSecurityMarket.Companyunlistedachievesgoingpublicofitsassetsandbusiness,andbroadenanewapproachofraisingandfinancingbythelistingqualificationoftheothercompanieslisted.Companylistedcanrealizetheraisingofachievementsandadvoidtheriskofpausing,evenstoppingtogopublic.Inaword,Backdoor-listingcanbringprofitforcompaniesbothlistedandunlisted,inspitedofthis,it,unavoildedlly,canleadtoseriesofproblems.Keyword：Backdoor-listing；assetreplacement；riskcontrol4目录摘要...........................................................................................................................................2ABSTRACT...................................................................................................................................3序言...........................................................................................................................................8一、借壳上市的盈利与风险---概念综述............................................................................111.1借壳上市的概念的界定...............................................................................................111.1.1借壳上市的概念..................................................................................................111.1.2其他相关概念界定.............................................................................................121.2借壳上市的渊源..........................................................................................................141.2.1借壳上市的产生.................................................................................................141.2.2借壳上市的特点.................................................................................................141.3我国借壳上市的背景分析..........................................................................................151.3.1国际经济背景.....................................................................................................151.3.2中国企业融资难、上市难的现状......................................................................171.3.3境外资本市场的优势.........................................................................................191.3.4借壳上市的客观性与长期性..............................................................................191.4借壳上市的运作过程..................................................................................................221.4.1借壳上市阶段.....................................................................................................221.4.2借壳上市的常用的资本运作方式......................................................................231.5借壳上市的意义..........................................................................................................251.6借壳上市的发展前景..................................................................................................271.7壳资源的性质..............................................................................................................281.7.1壳资源的一般性质.............................................................................................281.7.2壳资源的特殊性质.............................................................................................291.8壳资源的产生原因......................................................................................................291.8.1壳的内涵.............................................................................................................291.8.2壳资源的产生原因.............................................................................................291.9借壳上市的动机..........................................................................................................311.9.1缩短上市时间.....................................................................................................311.9.2拓宽融资渠道，改善企业资产负债结构..........................................................311.9.3追求规模经济和资源互补，进行企业扩张.............